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Real Estate News
Current real estate values throughout California:
Single Family Homes
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Metro Area
Los Angeles-Long Beach-Santa Ana
Riverside-San Bernardino-Ontario
San Diego-Carlsbad-San Marcos
San Francisco-Oakland-Fremont
San Jose-Sunnyvale-Santa Clara
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Median Price
2Q 2009
$311,100
$161,500
$347,100
$472,900
$500,000
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% Change
(1-yr)
-25.7%
-39.1%
-20.2%
-31.0%
-33.8%
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Metro Area
Los Angeles-Long Beach-Santa Ana
San Diego-Carlsbad-San Marcos
San Francisco-Oakland-Fremont
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Median Price
2Q 2009
$213,900
$205,500
$405,700
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% Change
(1-yr)
-34.7%
-28.7%
-22.5%
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Source: *All areas are metropolitan statistical areas (MSA) as defined by the US Office of Management and Budget as of 2004. They include the named central city and surrounding areas.
© 2009 National Association of REALTORS®
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Home buyers win big with federal tax credit extension
Tax credit extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.
Thursday, Nov. 5, 2009
Home buyers win big with extension and expansion of federal tax credit
LOS ANGELES (Nov. 5) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today commended Congress and the Senate for its swift actions in extending and expanding the provisions of the Federal Tax Credit for First-time Home Buyers. The U.S. House of Representatives earlier today voted 403 to 12 for passage, as did the U.S. Senate late yesterday. The legislation now goes to President Obama for signature.
“Over the past several months, C.A.R., the NATIONAL ASSOCIATION OF REALTORS® (NAR), and our more than 1.2 million members have repeatedly urged congressional representatives to extend and expand this crucial piece of legislation,” said C.A.R. President James Liptak. “Today’s victory for home buyers also is testament to the role REALTORS® can play when they unite for a worthy goal.
“Although ideally the legislation sent to President Obama would have applied to all home buyers, C.A.R. applauds our federal representatives for realizing the benefits of the federal tax credit and the role it has played in the ongoing economic recovery,” Liptak said. “More than 1.4 million first-time home buyers nationwide were eligible for the initial credit. We expect that number to increase dramatically in the months ahead once this new legislation is in place.”
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 167,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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September sales and price report
Monday, Oct. 26, 2009
C.A.R. reports September home sales increased 2.1 percent; median home price declined 7.3 percent
Quick Facts:
· Existing, single-family home sales increased 2.1 percent in September to a seasonally adjusted rate
of 530,520 units on an annualized basis.
· The statewide median price of an existing single-family home increased 1.1 percent in September to
$296,090, compared with August 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.2 months in September, compared with 6.5 months in
September 2008.
LOS ANGELES (Oct. 26) – Home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” said C.A.R. President James Liptak. “The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.
“C.A.R. is calling for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend the federal tax credit through June 30, 2010, remove the first-time buyer requirement and extend the credit to all home buyers, and increase the qualifying income limits so more families are eligible for the credit.”
Closed escrow sales of existing, single-family detached homes in California totaled 530,520 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.1 percent from the revised 519,530 sales pace recorded in September 2008. Sales in September 2009 increased 0.6 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August’s $292,960 median price.
“A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.
“Efforts by the government to stimulate housing and the economy clearly are impacting the market. Sales have exceeded 500,000 homes for 13 consecutive months, and now are 33.1 percent higher on a year-to-date basis compared with 2008,” added Appleton-Young.
Highlights of C.A.R.’s resale housing figures for September 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in September 2009 was 4.2 months, compared with 6.5 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed-mortgage interest rates averaged 5.06 percent during September 2009, compared with 6.04 percent in September 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.59 percent in September 2009, compared with 5.14 percent in September 2008.
. The median number of days it took to sell a single-family home was 33.6 days in September 2009, compared with 46.2 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 65 of the 406 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for September may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://www.car.org/economics/historicalprices/2009medianprices/sep09medianprices
. Statewide, the 10 cities with the highest median home prices in California during September 2009 were: Manhattan Beach, $1,502,000; Burlingame, $1,401,100; Saratoga, $1,297,500; Los Altos $1,275,000; Palos Verdes Estates, $1,163,500; Calabasas, $1,073,500; Newport Beach, $1,050,000; Los Gatos, $1,050,000; Santa Monica, $1,025,000; Cupertino, $950,000; and Rancho Palos Verdes, $912,500.
. Statewide, the cities with the greatest median home price increases in September 2009 compared with the same period a year ago were: San Juan Capistrano, 40.2 percent; San Rafael, 30.5 percent; Moorpark, 29.8 percent; Thousand Oaks, 20.7 percent; Calabasas, 19.3 percent; Lake Forest, 17.7 percent; Walnut, 13.6 percent; El Cajon, 13.5 percent; Tustin, 13.1 percent; and Big Bear Lake, 12.1 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
September 2009 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
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San Fernando Valley Housing Sales Increase 7%
Sales of existing single-family homes and condo sales increased during August a combined 7 percent while resale prices continued to stabilize, the Southland Regional Association of Realtors® reported.A total of 670 single-family homes changed owners last month, up four sales or 1 percent from 12 months ago. It was the 14th consecutive month that the monthly tally was higher than the prior year.After lagging for months, condominium sales took off during August with the 230 closed condo escrows the second highest total for the year. At a time of year when sales activity typically begins to wane, the condominium tally was up 13.3 percent from a year ago.“The emphasis in this recovery so far has been on single-family homes, so it was a nice surprise to see buyers finally recognizing the value in condominiums,” said Ana Maria Colon, president of the Southland Regional Association of Realtors®.As an example of what’s currently happening in the market, Colon focused on a townhouse located in Sylmar that was bank owned and recently listed for sale for $119,500.“Multiple offers flooded in, all above list price, with some as high as $175,000,” she said. “The bank accepted an all-cash offer, turning down higher offers that would have required financing.”All-cash offers obviously have a huge advantage, said Jim Link, the Association’s chief executive officer, because obtaining financing remains difficult, especially if a buyer has a limited down payment.“It will take a 20 percent or higher down payment to get lenders even a little excited,” Link said. “Otherwise, lenders will make buyers jump numerous hurdles.”Link and Colon agreed that current demand for housing could absorb many more homes, but a lack of inventory is a brake on sales. The active inventory at the end of August stood at 3,045 listings, down 52.8 percent from a year ago.That was is a mere 3.4-month supply at the current pace of sales, compared to the 7.7-month supply of a year ago August. A balanced market -where neither buyers nor sellers hold an advantage - appears when the inventory is around a 5- to 6- month supply.Link and Colon also agreed that with the state’s moratorium drawing to a close at the end of September the market most likely will be able to absorb any added inventory.“If we had added inventory sales would be going through the roof right now,” Colon said. “The question about homes that may be released in early October is how many will still be occupied and what that will mean for efforts to sell them?”The median price of single-family homes sold last month was $389,000, off 8.5 percent from a year ago. For the last 10 months the median has been bouncing between the low point of $339,900, hit this February, and $400,000, which came this July.August was the second consecutive month that saw the year-to-year drop come in at a mere single-digit number after 19 consecutive months of double-digit drops - including a 37.1 plunge in September 2008.“The inventory is so tight that if a property is priced under $400,000, has three bedrooms and two bathroom, I can guarantee that there is a buyer for it right now,” Colon said.The condominium median price of $230,000 was down 16.4 percent from a year ago. After 19 months of double-digit declines - the worst being 48.4 percent this January - condo activity appears to be picking up and, like single-family homes, the median price appears to be stabilizing.Even as traditional seasonal factors begin to come into play, pending escrows - a measure of future resale activity - suggest that the market will remain active through the coming months. There were 1,307 open escrows at the end of August, up 7.3 percent from a year ago.“Buyers already prodded by favorable prices also are racing to snag the $8,000 federal tax credit that currently is set to expire at the end of November,” Link said.Unless the tax credit is extended, Link and Colon said buyers probably don’t have enough time to take advantage of it unless they already are in the market and have a purchase underway.
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